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U.S. retailer Overstock, headed by crypto enthusiast Patrick Byrne, to pay taxes in the state of Ohio using Bitcoin. United States retailer Overstock.com has announced it will pay part of its business taxes in the state of Ohio using Bitcoin (BTC), according to an announcement on its website Jan. 3. Overstock will cover commercial activity taxes (CAT) with Bitcoin starting February, using the recently launched cryptocurrency taxpayer platform, OhioCrypto.com. The company’s CEO and founder Patrick Byrne — a longtime crypto enthusiast — said in the announcement that governmental adoption of cryptocurrencies and other emerging technologies, accompanied by friendly legislation, is "the best way to ensure the U.S. does not lose our place at the forefront of the ever-advancing global economy." As Cointelegraph previously reported, Ohio became the first U.S. state to accept Bitcoin as a payment method for taxes in November. The service is currently available only for businesses, with reporte..
U.S. crypto exchange Coinbase has extended support for Zcash to Coinbase.com and its Android and iOS apps. Major American cryptocurrency exchange and wallet provider Coinbase has launched support for Zcash (ZEC) at Coinbase.com and the exchange’s Android and iOS apps, according to a blog post published Dec. 5. Per today’s announcement, Coinbase customers can now purchase, sell, send, receive, and store ZEC. The coin will be available for customers in most jurisdictions, but initially customers from the United Kingdom and the state of New York will not be able to use the service. Coinbase further notes that additional jurisdictions may be introduced later. Since Zcash is a digital currency based on a decentralized blockchain and designed with the goal of making transactions more private than they are on the Bitcoin blockchain, it deploys specific features of cryptography to protect the privacy of its users. Coinbase therefore outlines in the post: “Initially, customers can send ZEC to ..
French retail giant Auchan has expanded its blockchain products’ traceability solution after successful a 18-month pilot in Vietnam. Global retail giant Auchan is expanding TE-FOOD’s blockchain solution to improve the transparency of products’ history, U.S.-based news agency Cision PRWeb reports today, Dec. 4. The French retail group, which is reportedly the 13th largest food retailer globally with operations in 17 countries, has extended TE-FOOD’s FoodChain solution to five more countries. FoodChain is the international traceability information ledger by TE-FOOD, first applied by Auchan in its Vietnam branch. After a 18-month test of TE-FOOD’s blockchain tool in Vietnam, Auchan has now decided to deploy the products’ traceability solution in France, Italy, Spain, Portugal, and Senegal. The blockchain-powered retail monitoring system provides tracking for selected product categories from farm to table, as well as recording food quality data and related logistics information. Auchan co..
Major Canadian-based jewelry manufacturer and retailer Birks Group has begun accepting Bitcoin (BTC) payments. Major Canadian-based jewelry manufacturer and retailer Birks Group has begun accepting Bitcoin (BTC) through a partnership with U.S. payment processor BitPay, the company confirmed in a press release Nov. 28. Birks, which has operated since 1879, will initially accept the largest cryptocurrency in eight of its 30 domestic stores in Canada. Seven are already servicing Bitcoin payments, with the facility coming to the company’s latest Graff and Patek Philippe stores in Vancouver “soon.” Commenting on the move, Jean-Christophe Bédos, president and CEO of Birks Group, described the decision as being of “great significance.” “BitPay will benefit our customers as we look to align ourselves with these innovative capabilities that are on the forefront of technology,” he said. As Cointelegraph has reported, Bitcoin’s underlying blockchain technology has seen multiple use cases in trac..
France’s regulators and central bank have reiterated warnings against the risks associated with cryptocurrencies. French stock market regulator, the Autorite des Marches Financiers (AMF), has jointly issued a warning with the country’s central bank and French Prudential Supervision and Resolution Authority (ACPR) recalling the risks associated with “speculative” crypto assets. The warning was posted as a press release on the AMF official website Nov. 26. The three entities’ joint announcement has been issued in explicit response to recent news that France’s tobacco federation, the Fédération des Buralistes, had obtained permission to sell Bitcoin (BTC) at tobacconists as of January 2019. The AMF, ACPR, and Banque de France have today firmly stated that: “[We] recall the risks associated with investing in speculative [crypto] assets, which are not well adapted to the profiles of unsophisticated private investors [...]. Purchase, sale and investment in Bitcoins are currently carried out..
Founder and CEO of U.S. retail giant Overstock reveals estimated date for selling his retail business to invest more in blockchain projects. Patrick Byrne, founder and CEO of U.S. retail giant Overstock, is planning to sell the retail arm of his company to focus on blockchain by early next year, The Wall Street Journal (WSJ) reports Nov. 23. Byrne, known in the blockchain industry for his commitment to the technology, did not disclose the details of the agreement, nor did he name potential buyers; he did however tell the WSJ that he expects to have the deal closed by February 2019. The WSJ reports that Byrne has been planning to sell his e-commerce business since 2017 to fully devote himself to blockchain projects. According to WSJ, Overstock’s blockchain-focused subsidiary Medici Ventures is the cause of visible losses for the company. In 2017, Medici lost $22 million, while in the first nine months of 2018 it has already lost $39 million. The overall losses for Overstock amounted $1..
Global retail giant Carrefour, which has recently joined IBM’s blockchain-based Food Trust, has deployed blockchain to track poultry in its Spanish shops. Retail giant Carrefour, headquartered in France and operating in more than 30 countries, is deploying a blockchain food tracking platform based on Hyperledger in its Spanish network, a press release states Tuesday, Nov. 20. The food tracking solution, initially developed by U.S. tech corporation IBM, will be used to track free-range chickens branded as “Calidad y Origen” (“Quality and Origin”) that were raised in the northern region of Galicia without antibiotic treatment. Each package in the Spanish network will be marked by a QR code providing detailed info on the chicken’s date of birth, type of nutrition, packing date, and more. In the press release, Carrefour writes that blockchain is a key technology for supply chains, as it provides greater transparency and allows customers to review the entire distribution process. In the ne..
Chinese e-commerce giant JD.com has partnered with two technology institutes to launch a blockchain research lab to examine new applications of the technology. Chinese retail giant JD.com is further gaining a foothold in blockchain technology by launching a research lab for blockchain in partnership with two technology institutes, according to an announcement published Oct. 30. Jingdong Group (JD.com) is a leading Chinese e-commerce company, controlling roughly 30 percent of the business-to-consumer online market in China with 314 million active users, according to Financial Times. The company focuses on implementation of new technologies in e-commerce, delivery services, and finance. Per the announcement, JD has collaborated with the Ying Wu College of Computing at the New Jersey Institute of Technology (NJIT) and the Institute of Software at the Chinese Academy of Sciences (ISCAS) to establish a blockchain technology lab. The lab will be geared towards solving efficiency problems an..
The value of blockchain technology in leading markets has grown rapidly over the past 12 months. Many startups, major conglomerates, supply chain operators, and distributors have attempted to integrate blockchain technology over the past two years, to increase transparency and reduce the power of central entities in data processing. With billions of dollars being invested annually by major corporations in blockchain development, the emerging technology has become the focal point of the long-term vision of many companies internationally. The exponential increase in demand and interest in blockchain technology has enabled multi-billion dollar markets for the blockchain in major sectors including manufacturing, agriculture, retail, supply chain, IoT, and payments. Blockchain in manufacturing to be $566 million by 2025On October 4, technology research firm ReportLinker disclosed in a research paper that the market for blockchain technology in the US manufacturing sector is expected to gr..
IBM officially launches blockchain-based Food Trust, announcing its partnership with French-based retail giant Carrefour. U.S. tech giant IBM has officially launched its blockchain-based food tracking network, Food Trust, after 18 months of testing, the company revealed in a press-release Monday, October 8. In the same announcement, the corporation revealed that another major food retailer Carrefour is joining their ecosystem. The France-based company that operates more than 12 thousands stores in 33 countries will first test blockchain on their own stores. As IBM’s press release reports, by 2022 Carrefour is planning to expand blockchain to all of its brands around the world. IBM Food Trust was first announced back in 2016 as a blockchain solution that would connect different parties in the food industry. During the trial period, which started August 2017, the company partnered with Nestle SA, Dole Food Co., Driscoll’s Inc., Golden State Foods, Kroger Co., McCormick and Co., McLane C..
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